Turkey announces inflation figures

Turkey's Consumer Price Index (CPI) increased by 0.46 percent in December 2013 while the monthly Producer Price Index (PPI) rose by 1.1 percent, Turkish Statistics Institute (TurkStat) announced Friday. According to the data released by TurkStat, annual inflation reached 7.40 percent in CPI and 6.97 percent in PPI in December. Economists attending AA Finance's Expectation Survey of Inflation expected a 0.39 percent increase in CPI for December. The inflation rate expectations of nineteen economists was 0.72 percent maximum and 0.10 percent minimum. Also, the average year-end inflation predicted by economists stood at 7.33 percent, while the year-end inflation expectations ranged between 7.68 percent and 7.0 percent. Meanwhile, Turkey's CPI had increased by 0.01 percent in November 2013 and its PPI by 0.62 percent, whereas the annual inflation reached 7.32 percent in CPI and 5.67 percent in PPI that month.